Title
A Resolution Approving the Issuance of Debt by Banning Lewis Ranch Metropolitan District No. 2 in the Form of Series 2016 Unlimited General Obligation Refunding Bonds (Legislative Item)
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount of up to $10,780,000 by the Banning Lewis Ranch Metropolitan District No. 2 ("District") in the form of unlimited general obligation refunding bonds, to be repaid from property tax, and other allowable District revenues. The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt. Approval of debt with an "unlimited" mill levy when the aggregate principal amount of the debt exceeds 3% (three percent) of the Assessor's market value of the property, is contingent on approval of the service plan amendment request being considered as the immediately preceding item on this agenda.
Authorization of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter section 7-100.
Previous Council Action:
On September 13, 2005, City Council approved the formation and service plan of the Banning Lewis Ranch Metropolitan Districts No. 1-7 (the "Districts") by Resolution No. 162-05. City Council has subsequently approved an Amended and Consolidated Plan (the "Service Plan") for the Districts No. 1-5 and 7, by Resolution No. 52-08 adopted on March 11, 2008. On May 26, 2009, by Resolution 118-09, City Council amended the 2008 Service Plan. On April 9, 2013 City Council approved the issuance of up to $8,500,000 in initial debt for this District in the form of a bank-owned limited general obligation tax bonds, by Resolution No. 33-13. 2014 Series B limited tax general obligation tax subordinate bonds in an amount not to exceed...
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